Press sources reported that the Real Estate Development Fund is currently working to finalize a new agreement with a local bank to manage an investment loan product for individuals and developers, as an extension of the active partnership programs between the Real Estate Development Fund and financial institutions, which were launched with the support of the Saudi Arabian Monetary Authority.
In the same vein, the Real Estate Development Fund has approved the investment loan product, and its implementing regulations have been approved. Applications will be submitted electronically, and a large hall at the Fund’s headquarters in Riyadh has been set up to serve as the location for completing and tracking the procedures; however, applications will be accepted electronically in only six cities, while the program will be managed in cooperation with a local bank to be announced very soon, in preparation for the launch of the product, which is expected to begin in Riyadh as the first phase. This was reported by Eng. Yusuf bin Abdullah Al-Zaghibi, Director General of the Real Estate Development Fund.
